Dated Brent benchmark used to trade almost two-thirds of the world’s oil
Crucial Brent oil benchmark undergoes metamorphosis
Start of the ‘new’ Brent amid shifting market realities
The pivotal Dated Brent benchmark, used to trade almost two-thirds of the world’s oil, is changing forever. Platts, part of information provider S&P Global Commodity Insights, said in January that the benchmark will reflect cargoes of WTI Midland crude in its Dated Brent, Cash BFOE and all related assessments across the Brent complex with effect from June 2023 deliveries. The controversial change reflects the fact that this US crude stream has become a regular staple in the European refining sector’s diet, while North Sea crude supplies are drying up. The move meant that, from 3 April, June Brent became the front month for the futures and forward Brent contract and will be trading under
Also in this section
23 May 2025
LNG projects need the certainty of long-term contracts, but Henry-Hub–linked deals put buyers at significant risk
22 May 2025
Industry says compliance is near-impossible and have called for more clarity to prevent cargoes being redirected
22 May 2025
The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
22 May 2025
With contract awards looming on the Kuwait-Saudi backed Dorra field, the long-stalled gas project appears finally to be gaining traction—despite Iranian objections
